Live Nation posts upbeat quarterly profit on lower costs, shares rise By Reuters

(Reuters) – Ticketmaster-parent Reside Nation Leisure (NYSE:) beat Wall Highway estimates for third-quarter profit on Monday, helped by mark controls, sending its shares up 5.1% in extended trading.

The Beverly Hills, California-based entirely mostly firm is making essentially the most of high prices of dwell performance tickets, at the same time as some prospects are spending cautiously amid high pastime rates.

“We wrapped up our most crammed with life summer dwell performance season ever, our demonstrate pipeline has never been bigger, and mark sponsorships are accelerating,” CEO Michael Rapino talked about.

The U.S. Department of Justice and more than two dozen states in Might per chance perchance per chance additionally merely sued to interrupt up Reside Nation, arguing that the wide dwell performance promoter and its Ticketmaster unit illegally inflated dwell performance designate prices and hurt artists.

Reside Nation reported profit per portion of $1.66, beating analysts’ common estimate of $1.59, in accordance with knowledge compiled by LSEG.

Earnings declined about 6% to $7.65 billion for the quarter ended Sept. 30, lacking estimates of $7.75 billion. The firm reported its first decline in income since 2021.

Working prices for the quarter fell to $5.78 billion from $6.30 billion a year earlier.

The firm’s dwell performance alternate comprising merchandise sales and the manufacturing of are dwelling tune occasions generated $6.58 billion, making up the majority of its overall income, followed by $693.7 million from ticketing.